MICROECONOMICS

Course Description

This course involves introduction to economics with the question; What is economics? Micro and Macro Economics, Needs, wants, preferences, scarcity and consumer preferences, Production Possibilities Frontier, Opportunity Cost, Budget Line, Cost-Benefit Principle, Explicit and Implicit costs, Elasticity -Inferior goods, normal goods, luxury goods, complement goods and substitute goods, Demand Curve and Supply Curve, Excess demand and supply, Demand and Supply functions, Equilibrium price and quantity by using functions, Types of taxes and their effects on demand and supply,Types of Costs; Fixed costs and variable costs. Calculating total revenue and total costs, Calculating profit and loss, Calculating Break even quantity, Drawing Break Even chart, Types of Depreciation and calculating depreciation all will be focused on.

MICROECONOMICS

Evaluation Tools (Active Term)

Course outcomes

1. 01 Learning and applying the system of ideas regarding the economic thought and decision making
2. 02 Comprehending and being able to apply the cost-benefit principle,
3. 03 Having a clear idea about factors of production and production costs,
4. 04 Ability to apply opportunity cost, economic profit and production possibilities frontier concepts in problem solving
5. 05 Understanding and interpreting the demand and supply concepts in the market
6. 06 Ability to understand and evaluate the total utility and marginal utility concepts,
7. 07 Learning elasticity concept and being able to define the factors which affects the elasticity of demand and elasticity of supply.

Course Syllabus

Reference Books & Course Materials

1. 01 Micheal PARKIN , Economics ( 10 th edition ), 2011 ,Pearson, Addison Wesley
2. 02 Robert FRANK and Ben BERNANKE , Principles of Micro Economics, Brief Edition, Second Edition, 2011, McGraw Hill
3. 03 N.Gregory MANKIW, (3rd edition), Thomson,South-Western

Learning Outcomes

1. L01 Learning and applying the system of ideas regarding the economic thought and decision making
2. L02 Comprehending and being able to apply the cost-benefit principle,
3. L03 Having a clear idea about factors of production and production costs,
4. L04 Ability to apply opportunity cost, economic profit and production possibilities frontier concepts in problem solving
5. L05 Understanding and interpreting the demand and supply concepts in the market
6. L06 Ability to understand and evaluate the total utility and marginal utility concepts,
7. L07 Learning elasticity concept and being able to define the factors which affects the elasticity of demand and elasticity of supply.

Program Outcomes

1. P01 Demonstrate comprehensive knowledge of key concepts across the breadth of effective application and use of MIS and innovative information technologies in organizations.
2. P02 Demonstrate autonomy and responsibility in managing MIS projects and improving organizational processes
3. P03 Demonstrate comprehensive understanding of appropriate enterprise frameworks, theories from the MIS to research and assess contemporary issues in the field and related allied fields and disciplines
4. P04 Apply MIS knowledge to facilitate the acquisition, development, deployment, and management of information systems
5. P05 Apply MIS knowledge to the exploitation of opportunities created by information technology innovations ensuring the alignment between MIS strategy and organizational strategy
6. P06 Demonstrate ethical reasoning in relation to crucial MIS issues such as privacy, information security, and ethical use of information
7. P07 Apply appropriate technologies and techniques to the collection and analysis of organizational and environmental data to facilitate evidence-based decision-making
8. P08 Analyse organizational data to accurately identify organizational problems and propose solutions using MIS
9. P09 Apply effective communication skills consistent with the professional environment
10. P10 Apply effective collaboration skills consistent with the professional environment

Po-Lo Matrix